Employee Retention In Life Insurance – An Investigation In Private Life Insurance Companies In Chhattisgarh

Abstract

Since the insurance sector relies heavily on people, human resources play a critical part in its development. A steady rise in the incidence of staff turnover is noted as a developing essential problem amongst the Indian life insurance service providers in the current cutthroat market rivalry. The current study, which is descriptive and empirical in nature, sought to identify the factors that contribute to attrition and make recommendations for effective staff retention strategies. 389 workers from private life insurance providers in the state of Chhattisgarh were chosen for a market study using the purposive sampling approach. Using SPSS, the data was analysed. The study's main findings include an increasing problem with staff turnover, especially in the lower levels, and that while most workers are happy with the organization's practices and work environment, there is still room for enhancement in a number of HR areas, including performance evaluation, job design, advantages and perks, work-life balance, etc. The article states that human resources are an organization's most valuable asset and that every company's achievement eventually rests on how productive and efficient its workforce is.